service, announces that it has signed a Letter of Agreement agreeing in principal to purchase the IT/Professional Services unit of Nova Corporation. The unit consists of sales, technical development staff and management and
will be combined with Scivantageâs existing services offerings and personnel to create the Scivantage Professional Services division. The transaction is expected to close in June 2005.
Upon the transaction close, Scivantage will double its number of employees and will increase its top-line revenue by 30% annually. Scivantage clients will now be able to move faster and more nimbly to market, and speed the advance of their internal development initiatives by accessing the enhanced pool of talent of Scivantage Professional Services. As part of the transaction, Scivantage will also increase the depth and breadth of its services offerings in technology assessment, design and planning services, leveraging its deep
industry expertise in IT/Network Design and Project Management.
With the purchase, Scivantage adds several important clients to its already impressive list of Fortune 100 clientele. Scivantage gains 3 new clients in the top 5 of US banking, financial services and regional bell operating companies, respectively. Scivantage has now provided or provides services to 7 of the top 10 US banks.
The Scivantage Professional Services value proposition is clear: Scivantage provides deep solutions expertise in Outsourcing, Security, Business Continuity and Technology Relocation at a fraction of a companyâs internal
development costs. Scivantage Professional Services employs a user-centered design methodology at its core to drive its solutions through experience, flexibility and focus on the customer. Scivantage specializes in solutions for small to medium size businesses, yet its solutions are scalable to large enterprises.
A partial list of services offered includes end-to-end Outsourcing expertise in Staff Augmentation, Outsourcing Evaluation, Project Management, IT/Network Design, Broker/Dealer Systems Design and 7x24 Maintenance & Support. In the Technology Security area, Scivantage Professional Services provides a rigorous Comprehensive Security Assessment, as well as Security Plan Design and Builds. Scivantage solves Business Continuity and Disaster Recovery through end-to-end Needs Analysis, Project Planning and Solution Builds. Professional Services provides Technology Relocation services in Requirements/Feasibility, Migration Planning/Data Center Design and Build-Out.
Continuing their leadership from Nova Corporation and as part of the transaction, Nova Corporation Chief Operating Officer Tony Scrimenti and Nova Corporation Executive Vice President Sue Massaro will be joining the
Scivantage executive management team. In addition, Joseph W. Tafaro, Jr. will become Vice President, Professional Services.
"We are extremely exited to expand our Professional Services offerings and provide our clients with even greater levels of expertise and support," said Adnane Charchour, Scivantage President and CEO. "I look forward to educating our clients about how we bring increased value and innovative solutions to solve their business challenges. I also want to particularly welcome our new employees and staff to the Scivantage family; I am continually impressed with their depth of expertise and their ability to execute quality service."
Scivantage Professional Services offers a comprehensive range of technology assessment, planning and custom technical development services that leverage our eBrokerage experience to benefit our customers. With our indepth
knowledge of the broker/dealer industry and your business, Scivantage Professional Services works with you to analyze your financial services solutions as well as provide a la carte application development to optimize
your business. Let our team of technology and financial industry veterans partner with you to develop and implement cutting-edge technology solutions.